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Sam has a sole proprietorship and wants to transfer his asset of (fair market value $1.8 million, adjusted basis $ 300,000) with the associated debt
Sam has a sole proprietorship and wants to transfer his asset of (fair market value $1.8 million, adjusted basis $ 300,000) with the associated debt ($500,000) to a new corporation. What is the tax consequences of these transactions? Must include your sources (Example, IRC)
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